Property market threatened by businessman’s murder

India’s property investment market is suddenly having to come to terms with the killing of a company chief executive who was allegedly set upon by his former employees.

Lalit Kumar Choudhary, of Graziano Transmission in India, died after reportedly being attacked by ex-workers on Monday.

He was confronted by a mob of people he had sacked from the firm, which is an Italian subsidiary based in Greater Nodia, part of the country’s capital.

Business figures have expressed sadness and distress at the event, and urged the local authority to take “stringent action”.

The Associated Chmabers of Commerce and Industry of India, Assocham, said the incident had “sent out the wrong signals”, the consequences of which “would have to suffered by the state”. The group also condemned the act as a “heinous crime”.

Property developers will have a concerned eye on the incident, as the sector is trying to attract outside investors amid a stalling market.

On Wednesday morning the Associated Press reported more than 60 people had been arrested in connection with the killing, with others questioned on charges of disturbing the peace.

Mr Choudary, 47, was the local head of Graziano Transmissioni India, which specialises in making car parts.

Related posts:

  1. Cheap Indian property signals market correction
  2. Official’s words may settle India’s investment property sector
  3. Mumbai braces for real estate market hit
  4. US property investment homes threatened by bad weather
  5. Greater developer focus needed for Indian real estate market

This entry was posted in Overseas Property News and tagged , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>